Sandra Brown 10/7/2020
Home prices in the US rose 14% in September
US real estate broker Redfin reported that US home prices reached their highest ever recorded in September.
On average, they amounted to 319,769 thousand dollars, having increased over the past twelve months by 14%, which is the most significant rise since July 2013.
Experts note that housing demand has skyrocketed amid the changing lifestyles of many Americans as they comply with social distancing measures due to COVID-19. In September, the number of transactions for the purchase of a residential real estate in annual terms increased by 30%. As shown by data from Redfin, over the last week of September, demand for housing increased by 34.8% compared to January-February, when restrictions were not introduced in the country yet.
However, analysts say this trend may change in the coming months. Supply in the US real estate market is still significantly lagging behind demand, which pushes prices up. Redfin reported that the home sold for an average of 99.4% of its asking price in September, a record high.